have lifetime joint survivor nonqualified annuity. Began getting 10,500 this year. Invested 100,000 in 2011. Pub 575:invested costs are recovered. does turbo calculate?

0a3642d7c1dc · ‎January 27, 2024

Again, cost or investment in annuity contract can be recoveredper IRS Pub 575 page 11. Does turbo tax do this calculation using the simplified method worksheet? Did not do it as I added this information!

DavidD66 · ‎January 28, 2024

The Simplified method cannot be used with a non-qualified annuity. The insurance company that issued the annuity should be calculating the taxable portion and reporting it in Box 2a of Form 1099-R.

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DavidD66 · ‎January 28, 2024

The Simplified method cannot be used with a non-qualified annuity. The insurance company that issued the annuity should be calculating the taxable portion and reporting it in Box 2a of Form 1099-R.

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have lifetime joint survivor nonqualified annuity. Began getting 10,500 this year. Invested 100,000 in 2011. Pub 575:invested costs are recovered. does turbo calculate?